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Arabian Centres Co. (Cenomi Centers) announces latest developments regarding “FAS Labs” obtaining the Saudi Central Bank’s preliminary approval to establish a Closed Joint-Stock Digital Consumer Microfinance Company (Shariaa Compliant)
| Element List | Explanation |
|---|---|
| Introduction | This is with reference to Arabian Centres Co. (“Cenomi Centers” or the “Company”) announcement on Tadawul on 28/06/1443H corresponding to 31/01/2022G with regards to “FAS Labs” Limited Co. (“FAS Labs”) obtaining the Saudi Central Bank’s preliminary approval on 24/06/1443H corresponding to 27/01/2022G to establish a Closed Joint-Stock digital consumer microfinance company (Shariaa Compliant) under the name of “FAS Finance”. Cenomi Centers announces that “FAS Labs” has obtained the Saudi Central Bank’s Final approval to license “FAS Finance” Company to provide consumer microfinance solutions through financial technology On 25-07-2023, Cenomi Centers ultimate ownership in “FAS Finance” will stand at 32.5% (through its 50% stake in “FAS Labs”. It is worth mentioning that “FAS Labs”, a Limited Liability Company is equally and jointly owned by both Cenomi Centers and Cenomi Retail Co. |
| Previous Announcement | Arabian Centres Co. announces that one of its subsidiaries has obtained the Saudi Central Bank’s preliminary approval to establish a Closed Joint-Stock Digital Consumer Microfinance Company |
| Date of Previous Announcement on Tadawul's Website | 2022-01-31 Corresponding to 1443-06-28 |
| Percentage of fulfilled achievement | “FAS Labs” has obtained the Saudi Central Bank’s Final approval to license “FAS Finance” Company to provide consumer microfinance solutions through financial technology, On7-01-1445H corresponding to 25-07-2023 |
| Event's Expected Completion Date | Not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 20.23
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